Financial Assistance Programs
Some of the federal, state and private financial aid programs that you may be eligible for or offered include:
GRANTS: do not require repayment
Federal Pell Grant
The Federal Pell Grant provides need-based grants to low-income undergraduate students to promote access to postsecondary education. Grant amounts are dependent on: the student’s expected family contribution (EFC) the cost of attendance (as determined by the institution); the student’s enrollment status (full-time or part-time); and whether the student attends for a full academic year or less.
Maximum is $5645 for one academic year at full-time status per Federal definition.
Minnesota State Grant
The Minnesota State Grant helps students from low- and moderate-income families pay for educational expenses at eligible Minnesota colleges or universities.
Maximum is $4805 for one academic year at full-time status per State definition (for those in 4 year degree and receiving full Pell grant award).
Maximum is $1209 for one academic year at full-time status per State definition (for those in certificate or 2 year degree and receiving full Pell grant award).
Federal Student Educational Opportunities Grant (FSEOG)
This grant provides need-based grants to low-income undergraduate students to promote access to post-secondary education. Institutional financial aid administrators have substantial flexibility in determining the amount of FSEOG award to provide students who are enrolled or accepted for enrollment. Priority is given to those students with “exceptional need” (those with the lowest expected family contributions) and those who are also Federal Pell Grant recipients.
Federal Work Study program
This program provides need-based work pay to low-income undergraduate students. Awards are based on need and available job openings on or off campus.
MN Postsecondary Child Care Grant Program
This program helps low income students who have young children pay for child care while the student attends classes.
Minnesota residents who have a child 12 years old or younger (14 or younger with a disability) and whose family size and income qualify for the program. To qualify, student also must:
- Be U.S. citizens or eligible non-citizen
- Be a Minnesota resident
- Be enrolled for at least six credits per term
- Not have completed four years of postsecondary education. Students who have withdrawn for active military service after December 31, 2002 are given an extra term of eligibility
- Not have defaulted on a student loan
- Not be receiving assistance from the Minnesota Family Investment program (MFIP)
To determine eligibility please complete the Child Care Grant Application Form and submit to the Academy College Financial Aid department.
Minnesota Indian Scholarship Program
This program provides post-secondary financial assistance to eligible Minnesota resident students who are of one-fourth or more Indian ancestry and demonstrate financial need for an award.
Scholarships are available to eligible Indian undergraduate students enrolled at least ¾ time and graduate students enrolled at least half time. In order to qualify for this scholarship, you must be:
- One-forth or more American Indian ancestry
- A Minnesota resident
- Enrolled in an accredited college, university or vocational school in Minnesota
- Eligible for either a Pell or State Grant
The award amount is based on need up to $4,000 per year for undergraduate students and up to $6,000 for graduate students.
Students are eligible to receive scholarship funding for a maximum of ten years, five years for undergraduate study and an additional five years for graduate-level study. Undergraduate students seeking less than a four-year degree can receive a maximum of three years of scholarship funding in order to preserve two years of eligibility to complete a four-year degree. Students may receive the scholarship for only one degree per undergraduate educational level and one terminal degree.
MN State Work Study Program
This program provides need-based work pay to low-income undergraduate students who are also MN residents. Awards are based on need and available job openings on or off campus.
Minnesota GI Bill Program
This program was established in 2007 to provide post-secondary financial assistance to eligible Minnesota veterans who served on or after September 11, 2001. Full-time undergraduate or graduate students may be eligible to receive up to $1,000 per semester or term and part-time students may be eligible to receive up to $500 per semester or term. You must be a Minnesota resident enrolled at Minnesota institutions who is a:
- Veteran who is serving or has served honorably in any branch of the United States armed forces at any time on or after September 11, 2001, or;
- Non-veteran who has served honorably for a total of five years or more cumulatively as a member of the Minnesota National Guard or any other active or reserve component of the United States armed forces, and any part of that service occurred on or after September 11, 2001, or;
- Spouse or child of a person who has served in the military at any time on or after September 11, 2001, and who has died or has a total and permanent disability as a direct result of that military service.
Or print, complete and submit the Minnesota GI Bill Application to the Academy College Financial Aid Department.
LOANS – require repayment
Federal Direct Stafford Loans
Direct Stafford Loans, from the William D. Ford Federal Direct Loan (Direct Loan) Program, are low-interest loans for eligible students to help cover the cost of higher education at a four-year college or university, community college, or trade, career, or technical school. Eligible students borrow directly from the U.S. Department of Education at participating schools.
Combined Subsidized and Unsubsidized eligibility:
Maximum for independent students: $9500 for freshman, $10500 for sophomore, $12500 for junior and senior.
Maximum for dependent students: $5500 for freshman, $6500 for sophomore, $7500 for junior and senior.
- Direct Subsidized Loans Direct subsidized loans are for students with financial need. Your school will review the results of your Free Application for Federal Student Aid (FAFSA) and determine the amount you can borrow. You are not charged interest while you’re in school at least half-time and during grace periods and deferment periods.
- Direct Unsubsidized Loans You are not required to demonstrate financial need to receive a Direct Unsubsidized Loan. Like subsidized loans, your school will determine the amount you can borrow. Interest accrues (accumulates) on an unsubsidized loan from the time it’s first paid out. You can pay the interest while you are in school and during grace periods and deferment or forbearance periods. You can also wait to pay the interest when you enter repayment. This will increase the total amount you have to repay because you will be charged interest on the interest you did pay.
Students can apply for Minnesota State and Federal grant eligibility as well as Federal Direct Loan eligibility by completing the Free Application for Federal Student Aid (FAFSA). Apply now with the Academy College school code of 013505:
Terms and conditions for the Federal Direct Stafford loans may be more favorable for student borrowers than those offered for private educational loans.
Federal Direct Parent PLUS Loan
Parents of dependent students may apply for a Direct PLUS Loan to help pay their child’s education expenses as long as certain eligibility requirements are met. To be eligible for a Direct PLUS Loan for Parents:
- The parent borrower must be the student’s biological or adoptive parent. In some cases, the student’s stepparent may be eligible.
- The student must be a dependent student who is enrolled at least half-time at a school that participates in the Direct Loan Program. Generally, a student is considered dependent if he or she is under 24 years of age, has no dependents, and is not married, a veteran, a graduate or professional degree student, or a ward of the court.
- The parent borrower must not have an adverse credit history (a credit check will be done). If the parent does not pass the credit check, the parent may still receive a loan if someone (such as a relative or friend who is able to pass the credit check) agrees to endorse the loan. The endorser promises to repay the loan if the parent fails to do so. The parent may also still receive a loan if he or she can demonstrate extenuating circumstances.
- The student and parent must be U.S. citizens or eligible non-citizens, must not be in default on any federal education loans or owe an overpayment on a federal education grant, and must meet other general eligibility requirements for the federal student aid programs.
To determine eligibility please complete the Academy College Parent PLUS Credit Consent Form and submit to the Academy College Financial Aid department.
Minnesota Student Educational Loan Fund (SELF)
The SELF Loan is a long-term, low-interest educational loan primarily for Minnesota students who need assistance paying for education beyond high school. Eligible students are Minnesota residents attending eligible postsecondary institutions in-state or out-of state, and nonresidents attending eligible post-secondary institutions within Minnesota. Students must be attending a SELF eligible school at least half-time and making satisfactory progress.
Because the SELF program is not subsidized by the federal or state government, a credit-worthy co-signer is needed to insure continuous repayment on the loan. By requiring cosigners and interest to be paid while the borrower is in school, costs are kept to a minimum allowing for lower interest rates for students.
The actual amount you are allowed to borrow is determined by the college based on the cost of attendance minus other financial aid. Cumulative SELF Loan debt is considered. Every applicant must have the SELF application certified by the school’s financial aid administrator.
The programs listed below provide grants to students who require re-training due to a lay-off or disability. Application is made directly through the county Workforce Center in the student’s home town.
- Department of Employment and Economic Development (DEED)
- Trade Adjustment Assistance (TAA)
- Workforce Investment ACT (WIA)
- Vocational Rehabilitation
Federal Tuition Assistance (FTA)
FTA currently funds up to 100% of tuition and authorized fees at a maximum amount of $4,500 per Fiscal Year and up to $250 per Semester Hour (SH) for degrees including Secondary School Diploma or its equivalency; Certificates (undergraduate, graduate, vocational or technical); Associates or Baccalaureate (undergraduate); Master’s or First Professional (graduate). There is a credit hour limit of 150 for Undergraduate and 45 for Graduate level courses. For eligibility, tuition rates, and application information, go to www.goarmyed.com or contact the FTA section by e-mail: firstname.lastname@example.org or by phone: 651-282-4589.
Veterans Educational Assistance programs
Every program offered at Academy College is approved for the GI Bill and the Veterans Rehabilitation Program. Veterans benefits depend upon the time and period of military service. Consult the local V.A. office for more information, at 1-888-442-4551 or log on to www.gibill.va.gov.